Demand Australian Made Products for your Australian Business this EOFY!
In response to the economic impact of the Covid-19 pandemic the Australian Government has increased the “Instant Asset Write Off Threshold” for this EOFY from $30,000 to $150,000. This is a truly generous and wonderful initiative by the Federal Government to help stimulate the economy and a very real opportunity for Australian businesses to buy Australian made products like East Coast Bullbars.
Most of us use our work vehicles for recreation & personal use. Like in previous years you can only write off the equivalent percentage that is used for business purposes.
For example, vehicles purchased for business up to $150,000 can now be instantly written off, this applies to all qualifying purchases made between 12th March to 30th June 2020. Potentially saving your business thousands of dollars. Most work vehicles are also used on the weekends for recreation use, but as in previous years you can only write off the equivalent percentage that is used for business purposes on a passenger vehicles. To be eligible for the Instant Asset Write Off the asset must be fitted or installed by the 30th of June 2020.
There is no guarantee the Australian Government will continue this program into the 2020/2021 financial year, so take advantage of it now. This is your opportunity to support Australian manufacturing and Australian made products and accessories for your next vehicle.
For EOFY eligibility please visit the ATO’s website. New limits include…
• Businesses must have an annual turnover of less than $500 Million
• For purchases under $150,000 per asset and can be for multiple assets
• For purchases made between 12, March 2020 and must be installed by 30, June 2020
• Receive immediate tax write off for this financial year without yearly depreciation over time As always please consult your business accountant or tax adviser for full details.
*This is not a replacement for tax advice. You need to check your businesses eligibility and ensure you apply the correct threshold amount as stated by the Australian Tax Office (ATO). You can find more information about the Instant Asset Write off at the government business website and ATO.